Mortgages

May 8, 2008 -- TALLAHASSEE, FL – Florida Attorney General Bill McCollum today announced that a Central Florida woman has been sentenced to 18 years in prison to be followed by 10 years of probation for participating in criminal mortgage fraud schemes.

Patricia C. Grant and her daughter, Geisha Morris, were previously found guilty by an Orange County jury for their role in a mortgage fraud ring that operated throughout Central and South Florida. The case was prosecuted by the Attorney General’s Office of Statewide Prosecution.    » read more »

Mortgage Late? Don’t Wait!

BALTIMORE, MD (May 6, 2008) – Maryland Governor Martin O’Malley, Baltimore City Council President Stephanie Rawlings-Blake, Department of Labor and Licensing Secretary Thomas Perez, Department of Housing and Community Development Secretary Raymond Skinner and other officials today kicked off a comprehensive, multimedia advertising campaign to help tackle rising foreclosures in the State and ensure Maryland homeowners are aware of the programs available to provide assistance and relief.

Protesters outside the home of Fed Chief Ben Bernanke: Photo by cioproject (CC)    » read more »

Reverse mortgage company portrayed itself as community-based non-profit to mislead seniors into reverse mortgage product; Attorney General Cuomo urges homeowners to be informed when exploring refinancing options

SYRACUSE, N.Y. (April 24, 2008) – New York Attorney General Andrew M. Cuomo today announced his office has stopped a Syracuse-area reverse mortgage lender from preying on seniors statewide through false advertising and portraying itself to be a local non-profit organization.

Elderly woman: Photo by borya (CC)    » read more »

April 22, 2008 -- The Maine State Foreclosure Prevention Working Group, a group of state attorneys general and banking regulators working to prevent home foreclosures, issued a report Tuesday concluding that efforts have increased but are falling far short of the need to address the foreclosure crisis and prevent millions of unnecessary foreclosures.

Unused house, Maine: Photo by The B's (CC)    » read more »

Seven of 10 Seriously Delinquent Borrowers Are Still Not on Track to Get Help

April 22 , 2008 -- Chicago – Illinois Attorney General Lisa Madigan today called on mortgage lenders and the federal government to step up efforts to reduce mortgage foreclosures in light of new data showing efforts are barely keeping pace with the rising rate of homeowners in trouble. Madigan is a member of the State Foreclosure Prevention Working Group, a group of state attorneys general and banking regulators working to prevent unnecessary home foreclosures.

Protesters outside Fed Chief Ben Bernanke's home: Photo by cioproject (CC)    » read more »

April 21, 2008 -- SEATTLE – Approximately 200 Washington consumers who paid for a service that they thought would help save their homes from foreclosure will receive partial refunds under a new settlement announced today by the Washington Attorney General’s Office.

The homeowners each paid $1,200-$1,500 to Foreclosure Assistance Solutions LLC, of Clearwater, Fla. More than 70 percent of homeowners who signed up with Foreclosure Assistance Solutions ended up losing their homes anyway. The company went out of business in fall 2007.    » read more »

04/17/2008 -- California Governor Arnold Schwarzenegger today issued the following statement after Fannie Mae, Freddie Mac, Wells Fargo Bank, Washington Mutual, CitiMortgage and JP Morgan Chase announced plans to provide billions of dollars of conforming jumbo mortgages in high cost locations.

Arnold Schwarzenegger: Photo courtesy California Governor's office

Their actions, which allow for loans as high as $729,750, stem from the new higher federal loan limits requested by Governor Schwarzenegger and included in the federal economic stimulus package signed by the President earlier this year.    » read more »

Washington, DC - 04/16/2008 - One in 33 homeowners is projected to be in foreclosure primarily over the next two years, as a result of subprime loans made in 2005 and 2006, according to a new report released today by The Pew Charitable Trusts. In some states, the outlook is especially grim; for instance, nearly one in 11 homeowners in Nevada is projected to be in foreclosure and one in 18 Arizona homeowners may face the same circumstance over the next two years.

Homeowners being foreclosed upon may not be the only homeowners affected, according to data cited in the report. An additional 40 million neighboring homeowners may see their property values and their municipalities’ tax bases drop by as much as $356 billion, largely over the next two years.    » read more »

April 15, 2008 -- WASHINGTON, DC-Today, U.S. Senators Bob Casey (D-PA) and Mel Martinez (R-FL) were joined by Congressman Paul Kanjorski (D-PA) and Congresswoman Judy Biggert (R-IL) to announce the introduction of the bipartisan Fair Value and Independent Appraisal Act in the Senate.

The bill, which is substantially similar to a proposal advanced in the House by Congressman Kanjorski and Congresswoman Biggert, aims to combat mortgage fraud and prevent “house flipping schemes” by requiring a second independent appraisal for high-risk, high interest mortgages.    » read more »

Website Includes Brand New CEO Pay Numbers

April 14, 2008 -- Compensation schemes for top executives at financial companies helped create the sub-prime mortgage crisis, the new Executive PayWatch website (www.paywatch.org) launched today by the AFL-CIO reveals. The 2008 PayWatch site also unveils a comprehensive database of brand new CEO pay figures.

Screenshot of the AFL-CIO Paywatch website    » read more »

Includes Foreclosure Counseling Workshops, funding for mediation, lender compact

April 14, 2008 -- Saint Paul – To provide Minnesota homeowners with additional tools to prevent foreclosure, Minnesota Governor Tim Pawlenty today announced expanded foreclosure counseling workshops to be held around the state, creation of a compact with lenders to reduce foreclosures, and state funding for voluntary third-party mediation when counseling is unsuccessful.    » read more »

April 11, 2008 -- New York Governor David A. Paterson and Legislative leaders announced today that the Enacted Budget includes $25 million to help save thousands of homeowners from foreclosure. The Subprime Foreclosure Prevention Services Program includes grants and aid to non-profits to provide financial counseling, mediation, legal representation, negotiation, and other support services to borrowers who face default or foreclosure.

New York Governor David Paterson: Photo by New York Governor's office    » read more »

April 10, 2008 - David Sloane, AARP Senior Vice President, issued the following response to the U.S. Senate’s passage of the “Foreclosure Prevention Act of 2008”:

“AARP is disappointed the legislation failed to include needed provisions that would help prevent foreclosures. While we appreciate the inclusion of the reverse mortgage provisions of the FHA Modernization Act, we hope this bill is the down payment on a broader overall effort to protect millions of American families from the crashing housing market.    » read more »

April 10, 2008 -- WASHINGTON, DC – United States Senator Dick Durbin (D-IL) issued the following statement today, after the Senate passed the Foreclosure Prevention Act, which makes important strides in stemming the effects of the current housing crisis.

“I’m pleased that the Senate is addressing the housing. While it is not a perfect bill, it is a recognition that this is a crisis which is not capable of healing itself.”    » read more »

April 10, 2008 -- Washington, DC -- “Several provisions included in the Senate's housing bill are important proposals, and I am pleased to see them passed today. The additional mortgage revenue bonds to increase affordable housing and refinancing opportunities, the increase in the Federal Housing Administration's mortgage limits which I have pushed for nearly two years,

Century 21 bank foreclosure sign: Photo by Mark Sardella (CC)    » read more »